Cryptocurrency Price Analysis: Cryptocurrency markets saw renewed buying interest this week as the leading digital asset, Bitcoin, entered price discovery mode. On Friday, BTC price reached the long-awaited psychological level of $70,000, which is the current high.
Amid this recovery trend, GameFi tokens have emerged as a well-performing sector, with digital double gains expected over the weekend in assets such as GALA, AXS, SAND, MANA, and RON. At the time of writing, the market capitalization of the top gaming tokens rose 7.2% intraday to $37 billion, with trading volume reaching $9.2 billion, a 47% increase.
Also read: Bitcoin (BTC) bulls and bears are in a close race; will altcoins lead the next bull market?
1) Gala Game (GALA)
Gala Games (GALA) is a blockchain gaming platform that aims to revolutionize the gaming experience for users using Web-3 technology. By creating a decentralized gaming ecosystem, the platform gives users better control over their in-game adventures. These players can earn cryptocurrencies, participate in the governance of game development, and be rewarded as non-fungible tokens (NFTs).
Looking at the recent GALA price chart, parabolic growth from $0.02 in early February has seen the token increase in value by 243% and is currently trading at $0.07. The recovery has brought GALA's market capitalization to $2.06 billion, with a 24-hour trading volume of $1.21.
Increased trading volume indicating a sustained recovery could push GALA price above the overhead resistance level at $0.072. This breakout will prompt buyers to chase potential resistance at $0.091 and then $0.112.
Also read: Crypto price predictions on GameFi token momentum: Tech-savvy investors Eye SAND, MANA, GALA
2) Axie Infinity (AXS)
Axie Infinity (AXS) is a pioneer in the Web 3 gaming platform, bringing the Play-to-Earn model to the mainstream. Blockchain supports trading and combat games that allow players to earn cryptocurrency rewards for their gameplay achievements and contributions to the ecosystem. Axie Infinity offers a vibrant ecosystem where players can collect, breed, raise, compete, and trade token-based beings called Axies.
AXS, the native token of the Axie Infinity platform, has shown steady and gradual growth since October 2023, influenced by a bottom rounding pattern. Within five months, the value of the token soared from $4 to $12.87, a 220% increase. Meanwhile, the current market capitalization is $1.78.
A notable green candle with a 4% intraday spike on a trading volume of $625 million highlights the bullish sentiment as it is. With continued buying, Axie Infinity’s price will aim to break through the neckline resistance of the pattern at $13.9 and chase the potential target at $23.5.
3) Sandbox (SAND)
Sandbox (SAND) is a decentralized virtual world that leverages blockchain technology to allow users to create, build, buy, and sell digital assets in the form of games. Combining the power of DAOs and NFTs creates a collaborative and immersive platform where players can take ownership of in-game items and land them through SAND tokens.
Analyzing the daily time frame chart, we can see that the SAND price broke through the neckline resistance of the inverted head and shoulders pattern on March 1st. The post-breakout rally has seen the altcoin soar 25.6% and currently trade at $0.79, representing a 76% monthly increase.
Sandbox (SAND)'s current market cap is $1.75 billion, but its 24-hour trading volume is fluctuating at $624 million. If this pattern holds, Sandbox's price increase will chase its theoretical target of $1.03 while facing an intermediate target of $0.94.
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The resurgence of the cryptocurrency market, especially with Bitcoin reaching an all-time high of $70,000, has led to a remarkable overall recovery trend. Importantly, the GameFi token witnessed massive inflows over the weekend, providing potential traders with a new entry opportunity.
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